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What is PACE?

Simply put, Property Assessed Clean Energy (PACE) programs enable local governments to finance renewable energy and energy efficiency projects on private property, including residential, commercial, and industrial properties. The model eliminates the chief barrier to clean energy installations: the large upfront cost.

PACE is rooted in traditional land-secured municipal finance. A local government creates an improvement district; a note or bond, secured by real property within the district, is issued; and the proceeds are used to fund renewable energy and energy efficiency projects. Property owners then repay the debt service on the note or bond in fixed payments, and in some areas this is done as part of their property tax bill.

There are two major characteristics, however, that make PACE unique.

First, property owner participation is 100% voluntary. Only those property owners who choose to participate in the PACE program pay the costs of the additional assessment.

Second, the proceeds from PACE financing are used to pay for pre-qualified clean energy improvements on participating properties. Improvements that a property owner may choose from include renewable energy technology such as solar panels, windmills, solar hot water systems, building insulation, and in some states, water conservation appliances.

PACE is a powerful tool for stimulating the local green economy while providing a competitive financing program for residential and commercial property owners to implement energy saving measures.

Who Benefits from PACE?

Cities & Counties

PACE programs utilize private capital to finance energy efficiency and renewable energy projects on existing buildings within the community. The capital infusion creates local jobs in the hard hit construction trades while a fiscal multiplier effect helps the broader economy and increases tax revenues. In addition to the economic benefits, PACE programs assist communities in meeting their environmental goals without cost or burden on taxpayers.

Property Owners

Energy efficiency and renewable energy improvements benefit property owners in many ways. Lower utility bills now, freedom from worry over rising rates, increased property values, added comfort and environmental responsibility are the most obvious. Low interest rates, long repayment periods, simple underwriting procedures and profitable economics make PACE funding the most attractive financing alternative for property owners.

Local Contractors and Local Workers

In order to participate, contractors and workers must be certified by Renu Energy and must meet all accepted state and local standards for solar energy installations. Training includes aspects of project management, customer service, proper installation to meet stringent hurricane standards, national building codes, as well as industry professional skills. Program installation contractors benefit from Renu Energy support and expertise.

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